Net unhedged foreign currency payables continued to be high at Rs 1,100 crore, 48.7% of net worth. The company capitalised MTM losses, net of amortisation of Rs 74.83 crore (19.1% of PBT) to the balance sheet. Capex incurred during the year stood at Rs 560 crore (FY12: Rs 980 crore), while capital commitments dipped to R140 crore. Dismal performance by subsidiaries continued with aggregate losses after tax increasing to R200 crore (FY12: R20 crore). FCCB redemption premium of R89.36 crore was charged directly through reserves.

The company reported weak operating performance in FY13 with revenue dipping 9.2% to R5,700 crore (FY12: R 6,280 crore) and Ebitda margin falling to 13.5% (FY12: 15.9%) on back of higher employee costs. PBT margin also deteriorated to 6.2% (FY12: 9.6%) due to higher depreciation and finance costs. Cash conversion cycle adjusted for bills discounted and advances continued to deteriorate from 66 days in FY12 to 89 days in FY13, primarily on back of increase in inventory days from 90 to 116 over the same period. RoE and RoCE margins dipped to 10.3 % and 10.9%, respectively.